Stringent regulatory framework governing the use of fossil fuels for power generation is also expected to act as a major driver for advanced energy storage systems market growth. Power plants generate significant quantities of GHG such as CO2, which can be overcome through the efficient use of advanced energy storage systems. These systems store energy when generated and are capable of providing back up power in times of excess power demand (peak hours).

Further key findings from the study suggest:

Thermal energy storage systems were the largest technology segment in terms of installed capacity accounting for over 40% of global market in 2014. High efficiency in terms of energy storage and ability to provide power during peak hours in expected to play a major role in promoting market growth.

Battery storage devices market is still in a nascent stage and is expected to witness fastest growth at a CAGR of over 18% from 2015 to 2022. The market has large potential owing to easy charging properties and re-energization of the electrolyte liquid resulting in negligible wastage.

North America dominated the advanced energy storage systems market accounting for over 45% of global installed capacity in 2014. Stringent regulations with regards to environmental emissions are expected to result in increased installations of advanced energy storage systems, particularly in the U.S.

Asia Pacific is expected to be the fastest growing market for advanced energy storage systems at a CAGR of over 18% in terms of revenue from 2015 to 2022. Growing industrialization and improving consumer lifestyle has resulted in a surging need for energy which in turn is expected to augment advanced energy storage systems market in the region.